Housing Drop Threatens China Growth

A recent WSJ article reported that the US is not alone in its woes over the property market and any implications for the economy at large. One recent homebuyer laments: “I bought an apartment here in September and now I’ve lost more than 400,000 yuan ($63,000),” said a businesswoman in her 40s. “That is my hard-earned money, how can the developer be so ruthless?”. Further, “a decline in China’s property prices is picking up steam, suggesting Beijing has had some success in taming housing costs, while also raising concerns that prices could drop too far and too fast as the rest of the world is relying on China as an engine of growth. Looks like Chinese homeowners have some hard lessons ahead! Get the full story here.